GoldQuest Mining Corp.

GoldQuest Mining Corp.

December 22, 2008 11:00 ET

GoldQuest Reports Drill Results From New Gold Zone at Las Animas

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2008) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) is pleased to report drill results from ten holes completed on its 100% owned Las Animas project located in the central Dominican Republic. The Las Animas project is excluded from the Gold Fields Option Agreement.


- New gold-zone discovered at Las Guazumitas, 950 meters southeast of main Las Animas Zone;

- Drill hole LA-44 intercepted 27.95 meters grading 1.32 g/t Au;

- Drill hole LA-45 intercepted 18.00 meters grading 1.32 g/t Au;

- Las Guazumitas is disseminated gold mineralization with base metals, hosted by sericite altered rhyolite;

- Partially tested gold-in-soil anomaly approximately 1,200 meters long by 200 meters wide.

The drill results of the last ten diamond drill holes totalling 1,879 meters of the Phase 3 drill programme at Las Animas are reported. Nine of these holes (1,208 m) were drilled in the Las Guazumitas zone located approximately 950 meters southeast of the main Las Animas zone. Results from a tenth hole completed on the main Las Animas zone are also reported.

Drilling at Las Guazumitas tested a large gold in soil anomaly defined over an approximate 1,200 by 200 meter area. The soil gold anomaly trends in a north-south direction obliquely across the topography and is still open to the south. The anomaly is terminated at the north end by a NE-trending creek which follows a late fault zone. Surface trenching within the soil anomaly returned 9.10 meters grading 4.33 g/t Au and grab samples of rock float in the area returned values up to 21.40 g/t Au. The soil anomaly correlates with a mapped body of sericite schist approximately 1,200 meters long, which is elongated north-south and 150 to 200 meters wide. North of the sericite schist and gold anomaly there are sediments with a NE-strike which are the eastward continuation of the sediments that form the hanging wall to massive sulphide mineralization at the main Las Animas zone. The sediments appear to thin and pinch out to the east of Las Guazumitas.

Gold mineralization is related to sericite alteration and bands of disseminated to semi-massive pyrite in the schistosity. Gold is associated with silver, lead, zinc, barium and anomalous arsenic, antimony, copper, and molybdenum. Mineralization is interpreted to be related to either a blind massive sulphide body or a deep epithermal intermediate sulphidation system hosted by felsic volcanic rocks possibly related to an underlying or adjacent intrusive or porphyry source that has either not been identified or is not exposed at surface.

Hole LA-38 was a deep hole drilled directly south of LA-26 on the main Las Animas Zone. It was drilled to test for the continuation of the massive sulphide body directly below hole LA-26 which returned a drill intercept of 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag. LA-38 intercepted 631.20 meters of sericite altered rhyolites before intersecting 0.71 meters of pyritic semi-massive sulphide with 0.17 g/t Au and 0.22% Zn, interpreted to be a band of massive sulphide within the footwall felsic volcanics. This interpretation is significant since it extends the alteration zone 153 meters vertically below LA-26, and implies potential mineralization over 500 meters below surface. The hole continued in weakly altered rhyolite to a depth of 671 m.

Hole LA-41 returned anomalous Au from surface with 16.25 meters grading 0.34 g/t Au in sericite schist with up to 50 ppm Mo. Gold values correlate with amount of hematite and jarosite after sulphides. The hole also returned 9.35 m from 43.00 m grading 0.45 g/t Au in sericite schist with pyrite, with 8.1 g/t Ag, 0.15% Cu, and 0.28% Zn.

Hole LA-42 intercepted 10.60 m grading 0.53 g/t Au with 24.90 g/t Ag and 0.13% Pb in oxidized sericite schist. The hole was drilled below the trenching that returned 9.10 meters grading 4.33 g/t Au.

Hole LA-43 intercepted rhyolite and rhyolite breccia with propylitic alteration grading 0.13% Zn over 73.06 m. The hole was drilled to test the extension of mineralization intercepted in hole LA-42.

Hole LA-44 intercepted sericite schist and rhyolite which returned an interval of 27.95 m grading 1.32 g/t Au with 11.80 g/t Ag from the top of hole. The hole also returned 14.40 m grading 0.19 g/t Au and 18.00 m grading 0.16 g/t Au, 4.60 g/t Ag, and 0.24% Zn. The hole was drilled below a deep surface pit that returned 2.60 g/t Au.

Hole LA-45 intercepted rhyolite and sericite schist. The hole intercepted 18.00 m grading 1.32 g/t Au with 11.30 g/t Ag, 0.15% Cu, 0.16% Pb, and 1.00% Zn in sericite schist with sulphides. At depth the hole intercepted 16.00 m at 0.32 g/t Au and 39.60 g/t Ag with 0.05% Cu, 0.30% Zn. The hole was drilled below a deep surface pit that returned 1.00 g/t Au.

Hole LA-46: The upper part of hole is anomalous in Zn over 67.95 m grading 0.14% Zn in dacite and mudstone with volcanic sandstone and volcanic breccia. At the base of this interval there is 5.06 m grading 0.14 g/t Au at a contact between volcanic sediments and rhyolite.

Hole LA-47 was completely in sericite schist drilled partially sub parallel to schistosity. The hole has drill intervals of anomalous gold associated with pyrite including 72.00 m grading 0.23 g/t Au including 3.26 m at 1.35 g/t Au. Results from drill holes LA-39 and 40 did not return any significant results.

Table of Results

From To Length Gold Silver Copper Lead Zinc Oxide or
Hole (m) (m) (m) (g/t) (g/t) (%) (%) (%) Sulphide
LA-41 4.57 20.82 16.25 0.35 0.01 Oxide
and 27.00 31.00 4.00 0.24 Sulphide
and 43.00 52.35 9.35 0.45 8.10 0.15 0.05 0.28 Sulphide
and 71.00 80.77 9.77 0.21 Sulphide
LA-42 73.22 83.82 10.60 0.53 24.90 0.13 Oxide
and 79.77 88.10 8.33 0.24 Sulphide
LA-43 58.00 131.06 73.06 0.13 Sulphide
LA-44 3.05 31.00 27.95 1.32 11.80 0.20 Oxide
and 45.53 59.94 14.41 0.19 Oxide
and 72.00 90.00 18.00 0.16 4.70 0.09 0.03 0.24 Sulphide
LA-45 54.00 72.00 18.00 1.32 11.30 0.15 0.16 1.00 Sulphide
and 112.00 128.00 16.00 0.32 39.60 0.05 0.30 Sulphide
LA-46 3.05 71.00 67.95 0.14 Oxide
and 65.94 71.00 5.06 0.148 0.09 Oxide
and 94.00 100.00 6.00 0.12 Sulphide
LA-47 105.00 119.00 14.00 0.216 Sulphide
and 153.00 225.00 72.00 0.232 Sulphide
inc 205.74 209.00 3.26 1.356 Sulphide

About GoldQuest

GoldQuest is a Vancouver based Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models the Company has built a portfolio of new gold and copper discoveries including its 100% owned Las Animas Au-Ag-Cu-Zn project excluded from the Gold Fields joint venture.

Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release. Preparation and geochemical analyses of samples were carried out by Acme Analytical Laboratories Ltd. Standards and blanks are routinely inserted into all sample batches for quality assurance and quality control.

GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

On behalf of the Board of Directors

Alistair H. Waddell

Forward-looking statements:

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that GoldQuest expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although GoldQuest believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of GoldQuest's management on the date the statements are made. GoldQuest undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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